Transparent costs of trading. No change. Fish Pool has always been transparent and treats all Trade members equally

Full pre- and post-trade transparency. No change: www.salmonprice.com has always given open information about buy and sell orders. Price and volume in all contracts has also been transparent and open information

Best execution. All orders must be on-screen. Off-screen orders are no longer possible so that all Trade members can be sure of having access to best price and execution

Restrict access to exchange: Investment firms with a license and companies that use Fish Pool contracts as ancillary (an addition) to their main business can be members. All existing Trade members may thus continue, given that they notify local authorities during Q1 each year. We will give you more info and help here. Companies having as only activity to trade Fish Pool contracts will not have access

Documentation and reporting of trades. All companies must be identified with LEI – Legal Entity Identifier – and each trader with personal ID. Fish Pool will report on behalf of all trade members to a central European register

Control of purpose of hedge and dominant positions. Financial authorities will set maximum positions for companies that are not hedging. Our trade members must inform if trades are for Hedging or non-hedging purpose. Largest group of Trade members have had on average only 13% of total traded volume at Fish Pool latest 4 years, and all trades are mainly hedging. We do not expect any practical consequence here

Conclusion: We do not expect our trade members to notice any great change or practical consequence of the new MiFID II rules. See own email from Vibeke for LEI etc.

Fees for Trading. Trading fee is unchanged at 0,10 NOK/kg. There are still no fixed costs of being Fish Pool members, only variable trading fees. Fee discounts is changed, still 0,07 NOK/kg for trading more than 20.000 tons. The discount for trading more than 10.000 tons has been removed. Clearing fees are also unchanged, updated fee – list for 2018 is available on www.fishpool.eu

The total Rulebook has been updated and clarified. The chapters of Trade errors and liabilities have been rewritten to clarify the Fish Pool responsibility.

Fish Pool Board of Directors has decided on an update of the Fish Pool Rulebook and appendices. The changes in version 4.3 are:

New routine for confirmation of cleared trades. The earlier version of Fish Pool Rulebook contained rules for double confirmation of all cleared trades done, both by Fish Pool and by Nasdaq to be sure to avoid errors. This has however caused extra work for the trading parties. We have decided to remove this paragraph together with Nasdaq, so from April 15th trades will only be confirmed to Fish Pool.

Fish Pool Salmon Index 2015 (FPSA15) was introduced in 2013 to separate trades done with sales price Oslo as the settlement price. All trades entered at Fish Pool are from January 2015 onwards settled with sales price Oslo as the settlement price, and the old NOS price (buying price Oslo) is history. It is therefore decided to go back to the initial name of the settlement price: Fish Pool Index™ (FPI™).

Several minor changes and corrections have also been included in this Rulebook change.